Advice You - Business

1. Use Only Direct Marketing

Cost: Cost of Direct Marketing Education, Upside Potential: Unlimited

Direct marketing is marketing that is testable and therefore accountable for your money. Put a code on all your ads, coupo

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

ns etc. so that you know where they come from and can measure the response. Then you can use spreadsheets to calculate exactly what you need to be profitable. It’s vital to crunch the numbers to see if a particular marketi

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

ng idea you have makes business sense.

2. Find a Product That Fits the Market

Cost: Cost of product/service development, Upside Potential: Unlimited

95% of people out there develop the product first then find a market for

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

it. That’s a lot of wasted time and effort. Take the road less traveled and look for different ways to market something that’s already hot drastically reducing your risk of failure.

3. Test Everything

Cost: Marginal, Ups

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

ide Potential: Unlimited

Now that you are using direct marketing, test everything. Test your offers, headlines (of your ads), messages, lists, mediums (newspapers, magazines, internet etc.). Most marketing is a few words

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

away from being profitable and you will never know that unless you test.

4. Use Google Ad-words and the Internet.

Cost: Marginal (with daily budget), Upside Potential: Unlimited

Never before in the history of marketing ha

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

there ever been a more low-cost, low-risk and accurate way to test your marketing message. You can test different advertisements, different keywords, different web pages and different locations. You can sit in your office

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

in Iceland and test your advertisement in a four block radius around Trump World Tower in Manhattan.

5. Change the Way you Speak and Write

Cost: Free, Upside Potential: Unlimited

Words offer the highest leverage possible

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

. One word, “cost” creates a negative emotion in your prospects mind as they think of their hard earned money leaving their pocket. Change the word to “invest” and they now think that they can earn more money from the mone

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

they give you. Look over the words you use in your business (ads, sales, flyers etc.) to see if they may cause negative emotions in your customers

6. Optimize Your Referral Program

Cost: Marginal, Upside Potential: Unlim

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

ited

Referral programs are your highest leverage marketing system out there. Take the time to put in an actual program and not wait until your clients think about it. Of course, that all presupposes that you under promise

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

and over deliver....that always gets them telling their neighbours about you.

7. Upsell and Crossell

Cost: Free, Upside Potential: Upto 50% more sales

Earn 10%-40% more on average with these handy devices. Some people,

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

hen they have made the commitment to buy, will buy more when reminded that they can. Don’t be pushy about it. Check out godaddy.com, they are relentless with up sells and cross sells. Try to buy a domain and get your way

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

to the end without spending another dime...just try it...

8. Use Bounce Backs

Cost: cost of paper and ink, Upside Potential: Upto 50% more sales

With every purchase or order, include an offering for another product/servic

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

e. You have already spent the money on the shipment or transaction. This is another form of low-pressure upsells /cross sells but costs you only the cost of the paper and ink you used.

9. Use Sunk Costs More Creatively

C

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

st: Free, Upside Potential: Limitless

Do you have a voicemail system? Why play music, when you can give educational messages (that are interesting) about your products/services? Do you have invoices? Write some text abou

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

t referrals or specials of the day. Do you have slow times? Hold a tele-seminar or actual seminar to educate and attract more business.

10. Increase Your Prices

Cost: Free, Upside Potential: Whatever you set your new pri

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

ce to be

Last but not least...The simplest method of them all. Increase your prices! Lots of businesses I talk to are afraid to do this and they won’t do it. You don’t have to increase them 200% (even though I know a case

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

where a retailer did this and they did actually sell out their entire stock), but just do it 2-5% on select items. No one will notice. And that’s all profit for you. You are doing a disservice to your own bottom line by no

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

t charging what the market will bear. You would be surprised to learn how much people would value something. And if they don’t like the increase, try adding some educational information tool with it...now you are justified

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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